Late selling sends KLCI down more than 7 points

KUALA LUMPUR: Late selling pressure by funds sent the FBM KLCI down more than seven points at the close of trade on Thursday with plantations, Petronas Chemicals and Genting Bhd among the top losers.

At 5pm, the KLCI was down 7.09 points or 0.41% to the day’s low of 1,722.44. Turnover was 1.76 billion shares valued at RM1.68bil. There were 491 gainers, 317 losers and 320 counters unchanged.

The ringgit weakened to 3.8045 to the US dollar compare dwith the previous day’s close of 3.7938.

Asian markets were mixed, with China’s key indices posting gains of more than 2% while Hong Kong and Japan’s Nikkei 225 were up about half a percent. However, South Korea, Taiwan and Singapore were in the red.

Reuters reported that the raft of forecast-beating corporate results kept European equities afloat on Thursday, shrugging off declines in Asia on the back of mixed regional data.

There was also more reason for optimism on Greece, where Prime Minister Alexis Tsipras contained a rebellion in his left-wing Syriza party to win parliamentary approval for reforms required to start talks on a financial rescue deal.

Crude palm oil for third-month delivery fell RM16 to RM2,189 per tonne. United Plantations fell 34 sen to RM26.66, NSOP 34 sen to RM4.66, PPB Group 26 sen to RM15.05, KL Kepong 18 sen lower at RM22.50, heavyweight Sime Darby nine sen to RM8.44 while IOI Corp shed five sen to RM4.25.

US light crude oil stayed below the key US$50 per barrel, edging up 16 cents to US$49.35 and Brent gained 12 sen to US$56.25.

Petronas Chemicals fell 14 sen to RM6.44 and erased 1.94 points from the KLCI. Down 14 sen also was Petronas Gas to RM21.64 while Petronas Dagangan shed eight sen to RM20.56. SKPetro lost one sen to RM2.38.

Genting Bhd fell 15 sen to RM8.25 and wiped out nearly one point from the KLCI. MISC was down three sen to RM7.94.

Among the banks and finance stocks, HLFG fell 26 sen to RM15.50, CIMB fell five sen to RM5.50, Hong Leong Bank two sen to RM13.66, Maybank and AmBank one sen each to RM9.19 and RM5.67 while Public Bank was flat at RM19.02.

As for telcos, TM rose five sen to RM6.69, Maxis edged up one sen to RM6.59 but Axiata fell two sen to RM6.37 and DiGi four sen lower at RM5.31.

Semicon-related Globetronics lost 30 sen to RM5.95.

Datasonic rose nine sen to RM1.34 in active trade ahead of its AGM next week.

Taliworks surged to a 1996 high of RM3.51, up 43 sen spurred by its corporate exercise involving a share split and free warrants.

Property-based MKH added 29 sen to RM2.58 following a positive outlook from analysts about its focus on building affordable homes.

Among the key regional markets,

Japan’s Nikkei 225 rose 0.44% to 20,683.95;

Hong Kong’s Hang Seng Index added 0.46% to 25,398.85;

CSI 300 jumped 2.24% to 4,250.81;

Shanghai’s Composite Index rose 2.43% to 4,123.92;

Shenzen Composite rose 2.83% to 2,352.62;

Hang Seng China Enterprise added 0.85% to 11,834.47;

Taiwan’s Taiex fell 1.43% to 8,791.12;

South Korea’s Kospi rose 0.02% ro 2,065.07;

Singapore’s Straits Times Index fell 0.08% to 3,356.37;

Spot gold rose US$8.39 to US$1,102.63.
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